The export value of handbags with an outer surface of leather from Malaysia stood at 96.74 thousand dollars in 2023, reflecting an ongoing decline observed in the previous years. From the peak value of 175.9 thousand dollars in 2015, the annual growth rate has fluctuated, with notable contractions observed in 2016 (-22.91%) and 2017 (-14.89%). The year-on-year variation for 2022 and 2023 showed a decrease of -2.16% and -2.17%, respectively. Over the last five years, the compound annual growth rate (CAGR) stood at -0.83%, demonstrating a consistent downward trend.
Future projections indicate a steady decline in export values, with a forecast 5-year CAGR of -1.95%, leading to a predicted value of 85.54 thousand dollars by 2028, amounting to a forecasted growth rate of -9.37% over this period.
Trends to watch for in the future:
- Analysis of changes in global consumer demand for luxury and non-luxury leather goods.
- Impact of worldwide economic conditions on discretionary spending.
- Competition from alternative materials and other handbag manufacturing countries.
- Investments in marketing and brand positioning by Malaysian exporters.
- Trade policies and international relations affecting export regulations and tariffs.
